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Regal Partners Ltd ASX:RPL

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

10 Oct 2025 to today

Commentary Showing 2 of 5

DateManagerActionSummary

14 Oct 2026Seneca Financial SolutionsHeldSeneca Financial Solutions continues to hold Regal Partners (ASX:RPL), highlighting that it trades on about 7 times earnings while L1 Group trades on about 20 times. Seneca believes this gap is one of the most inefficient pricing situations it has seen on the ASX in 15 years, and suggests that if the valuation gap does not close, L1 Group should acquire Regal Partners.

Funds ManagementAnnual Report, price recorded $2.17

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31 Aug 2026Seneca Financial SolutionsHeldSeneca Financial Solutions continues to hold Regal Partners without change, flagging it as a preferred alternative to Navigator Global Investments. The manager notes that stripping out approximately $289 million of cash, receivables and seed investments implies a cash-adjusted price-to-earnings ratio of roughly 5.5 times, and views the stock as oversold following news that its chief executive plans to retire next year, for a business the manager otherwise considers comparable in quality to peers such as Navigator and Pinnacle.

Presentation, price recorded $2.59

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3 more comments on RPLPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on RPL.

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About Regal Partners Ltd

Financials, Capital Markets

Regal Partners (ASX:RPL), the alternative investment manager, is seen by Seneca as deeply undervalued. In August 2026, Seneca flagged Regal Partners as a preferred alternative to Navigator Global, noting that stripping out about $289 million of cash, receivables and seed investments implies a cash-adjusted price-to-earnings ratio of around five times. In October 2025, Seneca and Maple-Brown Abbott described Regal as a semi-distressed situation, a large global fund manager based in Australia trading at a low valuation. Regal Partners operates in the Financials sector within the Capital Markets industry, and Thesis Tracker has captured 4 comments from 2 fund managers, including Seneca and Maple-Brown Abbott. Headquartered in Sydney, Regal Partners is a specialist alternatives investment manager, operating Regal Funds Management, PM Capital, VGI Partners, Kilter Rural, Attunga and other affiliates across long-short equities, private markets, real assets, water and royalties.

Market cap: $853m
Price to earnings: 5.3x
Return on equity: 21.5%
Dividend yield: 7.4%
Price to book: 1.03x
Net margin: 41.8%
52-week range: $2.02 to $3.70

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Regal Partners Ltd (ASX:RPL)?

Fund managers including Maple-Brown Abbott and Seneca Financial Solutions have invested in Regal Partners Ltd (ASX:RPL).

What opportunities or catalysts do fund managers highlight for Regal Partners Ltd?

Seneca highlights a cash-adjusted earnings multiple of around five times after excluding cash and investments, and a diversified alternatives platform.

What are the key risks to the Regal Partners Ltd investment thesis, according to fund managers?

Seneca and Maple-Brown Abbott describe Regal as a semi-distressed situation, reflecting weak sentiment, performance fee volatility and fund flow risks.

What does Regal Partners Ltd (ASX:RPL) do?

Regal Partners Ltd. is an investment management firm headquartered in Sydney, Australia. The company provides access to a diverse range of investment strategies, including hedge funds, private markets, and real assets. As a specialized investment manager, Regal Partners facilitates institutional and retail investor access to alternative asset classes.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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